------ U.S. SECURITIES AND EXCHANGE COMMISSION FORM 4 WASHINGTON, D.C. 20549 ------ STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1934 or Section 30(f) of the Investment Company Act of 1940 ------------------------------------------------------------------------------------------------------------------------------------ 1. Name and Address of Reporting Person 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to Issuer Masella, Joseph Steven Madden, Ltd. (SHOO) (Check all applicable) -------------------------------------------------------------------------------------------- (Last) (First) (Middle) 3. IRS or Social 4. Statement for Month/Year [ ] Director [ ] 10% Owner Security Number [X] Officer [ ] Other c/o Steven Madden, Ltd. of Reporting 5/01 (give title (specify title 52-16 Barnett Avenue Person, if an below) below) --------------------------------------- Entity (Voluntary) (Street) President of l.e.i. Footwear and Stevies, Inc. --------------------------------------- ------------------------------------------------------------------------ Long Island City, NY 11104 5. If Amendment, 7. Individual or Joint/Group Filing --------------------------------------- Date of Original (Check Applicable Line) (City) (State) (Zip) (Month/Year) [X] Form Filed By One Reporting Person [ ] Form Filed By More Than One Reporting Person ------------------------------------------------------------------------------------------------------------------------------------ Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ------------------------------------------------------------------------------------------------------------------------------------ 1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership Form: 7. Nature of (Instr.3) action action Code or Disposed of (D) Securities Direct (D) or Indirect Date (Instr. 8) (Instr. 3,4 and 5) Beneficially Indirect (I) Beneficial Owned at End of (Instr. 4) Ownership (Month/ Month (Instr. 4) Day/Year) ------------------------------------------------- (Instr. 3 and 4) Code V Amount (A) or (D) Price ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 5/9/01 A 12,500 A $ 5.50 27,425 D ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 5/9/01 S 12,500 D $16.00 27,425 D ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 5/10/01 A 500 A $ 5.50 27,425 D ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 5/10/01 S 500 D $16.00 27,425 D ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 5/11/01 A 2,000 A $ 9.13 27,425 D ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 5/11/01 S 2,000 D $16.00 27,425 D ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 5/31/01 A 48,000 A $ 9.13 27,425 D ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 5/31/01 S 48,000 D $16.00 27,425 D ------------------------------------------------------------------------------------------------------------------------------------ Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.(Print or Type Responses)

FORM 4 (continued) Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) --------------------------------------------------------------------------------- 1. Title of 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative or Exercise Date Code Derivative Security Price of (Month/Day/Year) (Instr. 8) Securities (Instr. 3) Derivative Acquired (A) Security or Disposed of (D) (Instr. 3, 4 and 5) --------------------------------------------------------------------------------- Code (A) (D) --------------------------------------------------------------------------------- Options $5.50 5/9/01 M 12,500 --------------------------------------------------------------------------------- Options $5.50 5/10/01 M 500 --------------------------------------------------------------------------------- Options $9.13 5/10/01 M 2,000 --------------------------------------------------------------------------------- Options $9.13 5/31/01 M 48,000 --------------------------------------------------------------------------------- --------------------------------------------------------------------------------- ---------------------------------------------------------------------------------

FORM 4 (continued) Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ----------------------------------------------------------------------------------------------------------- 6. Date 7. Title and Amount 8. Price of 9. Number of 10. Ownership 11. Nature of Exercisable of Underlying Derivative Derivative Form of Indirect and Expiration Securities Security Securities Derivative Beneficial Date (Instr. 3 and 4) (Instr. 5) Beneficially Security: Ownership (Month/Day/Year) Owned at Direct (D) or (Instr. 4) End of Indirect (I) Month (Instr. 4) (Instr. 4) ----------------------------------------------------------------------------------------------------------- Amount Date Expir- or Exer- ation Number cisable Date Title of Shares ----------------------------------------------------------------------------------------------------------- 7/15/98 7/15/07 Common Stock 12,500 --- 27,425 D ----------------------------------------------------------------------------------------------------------- 7/15/98 7/15/07 Common Stock 500 --- 27,425 D ----------------------------------------------------------------------------------------------------------- 6/1/00 6/1/03 Common Stock 2,000 --- 27,425 D ----------------------------------------------------------------------------------------------------------- 6/1/00 6/1/03 Common Stock 48,000 --- 27,425 D ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- Explanation of Responses:

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. /s/ JOSEPH MASELLA June 7, 2001 78ff(a). ------------------------------- ------------ **Signature of Reporting Person Date Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, Page 2 of 2 SEC 1474 (3/91) See Instruction 6 for procedure.

MADDEN STEVEN LTD 4